Catherine McKinnell
Main Page: Catherine McKinnell (Labour - Newcastle upon Tyne North)Department Debates - View all Catherine McKinnell's debates with the HM Treasury
(11 years, 5 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mr Osborne
Of course, if there is unacceptable pressure, I absolutely say that that is not acceptable—if that is the right way to put it. The PRA, which we created, is completely independent and it has made its independent decisions on capital in our banks. We also have the Financial Policy Committee, which again is completely independent and able to make these recommendations. We empower our regulators to do their job. Of course, banks, consumer groups and anyone else can make their case, but this is ultimately an independent body, an independent regulator, that makes the judgment. That is the system we have created.
Catherine McKinnell (Newcastle upon Tyne North) (Lab)
The whole House agrees that we need to see more lending to small businesses and a return of RBS and Lloyds to the private sector so that taxpayers can get their money back, yet two weeks since the Chancellor helped to remove Stephen Hester from RBS, the taxpayers’ stake in the bank has fallen in value by £4 billion. Was that part of the plan?
Mr Osborne
In case the hon. Lady had not noticed, stock markets around the world are down. Bank stocks are down—